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10/18/16
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In an institutional-quality NoCal apartment buy, Acacia Capital Corporation has purchased Campbell Run, a 360-home multifamily community located in Woodinville, WA, for $98 mil ($272k/unit). The property was sold by Grosvenor Americas.
Originally built in 1989, Campbell Run was renovated in 2014 and was awarded the honor of 2014 Renovated Community of the Year by the Washington Multifamily Housing Association. Renovations included a $1 mil luxury clubhouse and approximately one-third of the homes were renovated to condo finishes. Acacia Capital plans to continue renovations on the remaining homes.
Located just outside of downtown Seattle and the Eastside Tech Corridor, Campbell Run is minutes from Microsoft’s World Headquarters and Google’s Kirkland campus. The property is situated on over 17 acres of land along the Sammamish River. Residents have direct access to the popular Burke Gilman urban trail, which winds through wineries and breweries in downtown Woodinville and goes as far as downtown Seattle.
Kidder Mathews commercial real estate brokers Philip Assouad and Giovanni Napoli marketed and brokered the transaction. The property is managed by Thrive Communities.
Campbell Run is the second largest garden apartment community to sell this year on the Eastside in both sales price and number of units. With this purchase, Acacia’s existing portfolio consists of 1,206 homes in the core market of Seattle and the Eastside.
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